The global marine propulsion engines market is expected to reach USD 10.95 billion by 2020 from USD 8.23 billion in 2013, according to a new study by the US based market research and consulting company Grand View Research.
Significant modernization in marine propulsion as a direct consequence of increased demand for operationally dependable and financially efficient ships is expected to drive the marine propulsion engines market.
The shipping industry has started to focus more on reducing fossil fuel consumption by developing electric motors which also help increase energy efficiency.
The market is expected to be hindered by regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which apply principally to the protection of the marine environment and prevention of contamination by oil, chemical spills, sewage, marine species, and air pollution by engine exhaust gases.
With the advancement in technology and increasing awareness pertaining to environmental conservation, development of propulsion systems that run on alternate fuels and with minimal emissions has garnered special importance.
Although wind and solar energy have gained prominence as auxiliary propulsion sources in the marine propulsion engines market, they are inadequate to suffice the power requirements for primary propulsion purposes, according to the research.